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obama says he wants to protect the middle class. come tax time in april those families could owe more. this year. will anything be done to stop this from happening, a new story. let's go to diane macedo at the new york stock exchange, facebook higher why? >> that's right, stuart, so the fiscal cliff concerns continue. here at the nyse, spirits are high. one of the traders gave me the snazzy glasses and one of the reasons could be facebook. and bmo capital upgraded facebook from underperform to outperform and raised its price target to $32, up from $15. and steeple nicholas raised the price market to $31 up from $26 and looking at facebook shares up 2% this morning and seems like it could be a happy new year for facebook and either way, stuart get these on here, a happy new year to you. stuart: they look pretty good, got to say. >> match the dress. stuart: i heard a comment from the gentleman to your left. >> the gentleman who gave me the glasses, very happy with his donation here. stuart: is he selling those? >> no, free of charge, actually. >> hey, diane, thank you for being here. >>
. now time for your h comments. writing into their hope barack obama gets all the taxes he wants. i'll bthe first to say i toldd you so when the consequence happens.n t people learn the hard way.n obama never negotiate, he just demands something of complaints. when he doesn't get what he wants. he is far more mature than that, don't you think? we will keep thinking about that. thank you for your comments. we love hearing from you. we love hearing from you. >>> a massive winter storm wreaks havoc bringing blinding snow and devastang tornadoes. at least six are dead, over a thousand flights canceled nationwide stranding holiday travelers and worries things could get worse. welcome, i'm eric bolling in for neil cavuto and this is your world and we're tracking a deadly winter storm as it makes its way towards the east coast. in indiana, heavy snow stranding dozens of vehicles asolkseal with blizzard. a foot in bloming to know. across the south and southst 34 twisters leveled homes. in mississippi for than 25 people injured and 70 homes damaged. that number expected to rise. the storm kn
for everybody and he will come in say, okay, i want to have the obama tax cuts for the middle class. no more will we hear about the bush tax cuts. from now on they will be the obama middle class tax cuts. do you believe that? >> well, don't forget the obama signed extension of these very tax cuts two years ago and said you don't raise taxes in the middle of a recession. we estimate a million small businesses will see their taxes go up. i can't find a single maul business owner that says if you raise my taxes i will hire more people. we should talk about growth and opportunity. there are three strikes against the plan as i see it. it will raise taxes. possibly put off any spending cuts. david: you're not answering the question. do you think the president, as a political tactic wants to go off the fiscal cliff so he can come in as a tax cutter? >> oh, i think he does. he wants more revenue. whether he wants to cut those taxes when he is done. when you're running 1.3 trillion dollar deficits you got to have more revenue if you're going to shrink that deficit. liz: gentlemen, why is it okay if g
's tax increase, whether we get obama's tax increase tomorrow or get it a month from now the net result is still the same. we're going to have a less competitive economy because of what is coming out of washington. adam: chime in, rick said, nah why do you say that? >> you will get a tax increase. i think number will be closer to 500,000 before we're done. certainly closer than 250,000. this is, i don't know, for years i've had to listen to this, it is going to hurt our economy if we raise taxes on the top 2%. there are many things happening that can hurt our economy. the fact we're having this conversation two or three days before the end of the year is hurtings our economy. adam: but we've seen that. >> raising taxes isn't going to be it. adam: let me bring dan back in here. dan, i want to ask you, raising taxes only raises $80 billion at best in a budget almost a trillion dollars over budget. so what do you to fix that problem? >> all we have to do to balance the budget in 10 years limit the growth of government spending so that the budget climbs by an average 2.5% a year. in my mind
of obama and his taxes and spending. gerri: i don't understand why people aren't marching on the hill. i really don't. this is what we hired them for, to iron out these differences, and no one is doing the job. let's take a look at the numbers for folks that are married. if you make $50,000 per year, you'll pay an additional $2000 in taxes. if you pay $100,000, an additional $446 in taxes. the list goes on. you make it to make a million dollars, an additional $50,000 in taxes. this will cause people to reinve the way th lived day-to-day. i don't see why people are upset abt this. they should be. but all of the tax cut that you just mentioned, it is due to the disappearance of the bush tax cuts. the democrats all voted against the bush tax cuts. so they voted to keep those tax increases, not next year, but for the previous 12 years. so you have a very big fight in washington. the democrats have opposed the bush tax cuts, call them names, said they were for rich people, now that they are about to disappear, they are running for the hills. because they know that that was the tax cut that la
in 2013 and 2014, but i do think it's obama's economy now. the republicans passed the tax cuts for one group, let's say all the way through, not the very top group, i don't know where that negotiation is going to come out, but if they do that, i think that they will be held blameless for the economy. lou: as we wrap up here, i would like to ask you a question this way. because i said last year that i felt strongly at the beginning of the campaign. the democrats were the republican -- the democrats or the republicans, which party led the discussion to the enduring that of the middle class sure enough, president obama shifted to a middle-class message that resonated, if only at the margin that was sufficient for victory. are the republicans learned anything here? are they going to start talking about working men and women? working class and the american dream. >> i think they are. i think the presidential race waa real problem. because it was never growth. it was always about this and that and detail. romney wasn't the issue. the issue was obama. it was the worst single recovery in the u
're not adding in the obama increase in petrol taxes. it's over 40 percent. that it's all businesses, subchapter s corporations, elsie's. the larger corporation, the corporate tax rate goes down. that makes them feel good. the businesses that will be hit by these tax increases are the very small and midsize businesses that create jobs ame people that get hit with obamacare, the energy increases, and a larost increases. lou: what if i told you that it makes some sense. give him at the margin what he wants on taxes. whether that's on investment tax , camping deductions. basically what mitt romney was proposing. get that done. then say what you going to do? you going to still be left if you roll all of hat up. you will still be left with a huge deficit. it's going to have to mean cutting the federal budget. >> even if we increase the tax rates, the top 1 percentn this country makes seven timbers of the income. 37 percent of the taxes.. so a fair share argument really is it -- lou: you're getting a again start out ere. yourast shot. >> mr. president, please, pase work with the business community. we
obama offered what he detailed in the speech a week ago keeping tax rates where they are for families earning less than $250,000 a year, extending long term unemployment insurance policy, and that bit of detail he gave a week ago in a speech is basically derived from the larger deficit proposal offered over, really, the last couple years as president of the united states. we're waiting whether or not in the meeting, lasting an hour at the white house, started at 3:10, is whether or not they made progress towards changing that proposal in a fashion to pass the house of representatives or make it viable for some senate republicans to join with that. the president, the administration officials say they offered the proposal as a way to get republicans to come back with something else, they say. if not, the president wants this plan to be voted on in the house and to be voted on in the senate. this proposal is unlikely, would be making it through the house unless there's progress made off the president's opening offer, a very old offer, then we're in trouble. back to you david: that's why
mr. clinton tax increases as far as the eye can see under mr. obama. >> wheno the spendg cuts happen, sarah? >> never. >> and you often see the tax increases kick in and inhe health care law, and spending never gets cut. >> i think you need to look where the spending goes, providereventive care. and we saw 80 million acces preventative care and that's a net savings for the entire health care system passed on to all of us. >> how have job cuts we've en the medical device makers, they're soued the horn about them. how does it help the broad economy though? >> what you're seeing is readjusting of the economy. most of this tax money ces out ofhose m making 250,000 or mo more, an increase on those individuals. at the same time that we're finding out her on capitol hill about a drease on those making 250 or less, so, majority of amerans. when we have this increase on aery small portion, we see that those folks are welcoming this increase, a poll released the day befor christm put thugh american express and the harrison group, saw that 67% of those making 1% or more want today see this incr
against it it is a important policy work. it is probably a bad idea. we don't need new tax. the mileage tax could hurt fuel efficnt car it is the and questions of heavy congestionimes and it is unwoable idea and why the obama administration distanced it. >> we have a trust fund in 2013 and that is to go to the roads. it will be negative and needs a fuel tax to fund it aga. >> it is not too long. it will go native in 2015. thgas tax isaised continuously since it was enacted in the 1950s. they are paying 64 cents a gallon in taxings. why is that the only proposal. it why not freedom. there is it public as in every country but here at home la guardia. terrible airport owned by the governme. new mexico and new zealand. airports are tradod the stock exchange and hps the government and services as well >> carroll. i tell you, i use the roads in the country and i go skidding on two to school and i am part of the reason there is it pot holes it makes sense to charge me more. >> i think that is a linier solution to a complex problem. if you have a suv . i am with johnathon. why can't they add va
's working very well, at least today for the stock. thank you, nicole. well, president obama has always promised not to raise taxes on the middle class, but if he can't reach a deal with republicans in the next seven days, that's exactly what will happen and adam shapiro, i've got to tell you, looking at the numbers, if the president gets every penny from the so-called rich that he wants to get, that would still only be 1/8 of the money that he needs to balance the budget. >> in very simple terms, it's roughly 70 billion dollars is what it would raise, in a budget-- >> if the rates go up and another 20 billion, if you get rid of deductions, but he's increased spending 800 billion dollars a year. >> and to say that 70 to 80 billion in a budget that's 900 billion to a tral over budget. so doesn't add up. where does the other 930, 920 billion where is it going to come from? >> which is why, shibani, a lot of people say, maybe he wants to go over the fiscal cliff because he cares about maintaining that level of spending. he doesn't want to decrease spending, he wants to keep it where it is
president obama had twice argue in public that raising taxes in an economic downturn would doom the economy. the president of the united states said that and iran on a proposal. lou: two things that seem peculiar. i would love for both of you to respond. i heard a lot of bonn, abou the tea party. the tea party did not exist in this election. it was a non fctor. why in the world would there be so much concerin the republican party about the tea party. why was there an idea that you're better off today than you were four years ago and pick 2008 as the year, he baseline, and it was a lousy year. in point of fact, just about everybody is. what o you make? very quickly. >> your immediate questn, yes, we were better off than the depths of being in a whole. president clinton explained the argument that we were climbing t. by that time election day, th percentage of people is of the country going in their right correction,saw the economy improving, higher than has been, ronald reagan when he was reelected. lou: i don't have the time. >> he was there. lou: this is the -- why did he call -- mixing hi
. in response to put up 800 million in tax revenue changing his entire mind and obama said basically i don't have to respond to this, i will just take it. >> president obama is governing as a negative way with an iron fist. he wants them to respect his perceived election mandate and friendly john boehner was acting in good faith because by allowing tax rate go up on certain segments of the population was compromising principles in hopes of something in return and the president offered nothing in return. gerri: there is a big storm, hundreds of flights have been canceled. it is very possible not everybody will be able to be there. with this disrupts the situation yet again? >> it could. one of my favorite movies is planes, trains and automobiles. why trouble are those in hawaii. it could be a problem. look, i agree with you, these are congressmen and congresswoman. if there is seriously a deal, they will find a way to get here and it will be done. gerri: there were all sorts of interesting stories, rumors about putting something on a table on sunday. some other information going to come out
to not raise tax rates. now president obama is ready to fall off the cliff to bring in more money for the government. joining us now is doug schoen. doug, i've got to ask you directly because you hear a lot of this off the cliff stuff. specifically what would happen? what would happen to the private sector? what would happen to the government if we go off the fiscal cliff? >> sure, well, it's anyone's guess, but i think we will see economic activity slow down, david. i think we're going to see with the certainty of tax rates raising on all of us, that people contract their economic activity and given the cbo estimate, if we go into a recession, i think it will be cataclysmic for the american economy. david: specifically with the government, i remember during the clinton years when we had that debt ceiling thing that we went off of and that the government shut down -- would we see a shutdown in certain government agencies if we go off the cliff? >> i'm not sure we're going to see a shutdown, but we will certainly see a lot less economic activity, and particularly in the military se
close in a couple of minutes. iq. president obama cutting his trip going back to d.c. as the clock ticks away for the tax hikes for all of us. speaker john boehner plan failed in the house. coming up next is off to d.c. for what plans they may look like. shibani: and all of these weather delays going on in spying airline stocks instead. we have an analyst with his winners and losers predictions for next year. coming up. [ indistinct shouting ] ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust ur brain box. ♪ all onhinkorswim from td ameritrade. ♪ from td ameritrade. i played a round of golf.id in the last five hours? then i read a book while teaching myself how to play guitar; ran ten miles while knitting myself a sweater; jumped out of a plane. finally, i became a ping pong master while recording my debut album. how you ask? with 5-hour energy. i get hours energy now -- no crash later. wait to sethe next five hours. shibani: sh
some sort of tax reform. he is not the first president to be really bad with this. george bush had a republican congress and he was quite terrible. it was basically his way or the highway. with obama, he has had an attitude of i would just stand back and let the democratic congress do their will. we have this republican congress now, since the 2010 election, he has not done much to reach out or work with them. dagen: is that kind of attitude, how will that get in the way of getting anything done, particularly today? >> well, yeah, obviously, if people are trying to vote on a deal that includes a tax increase, they should just keep the rates down for people in the rest of the brackets and let obama have his, you know, you do not have to vote for a tax increase. it happens with or without you. you do not have to vote for a tax increase in that way. obama has something to worry about here, by the way. the republicans could even lose the next election because of this. he will have to live with this in the history books. dagen: reelection or legacy? great to speak with you, david. happy
decisions on taxes and spending to the future. again, in an afternoon white house meeting president obama pitch a debt plan he had outlined a week ago, prevent a tax increase for income of less than to an effective thousand dollars per year and extend long-term unemployment benefits. senate leaders are using that framework to try to craft a proposal to pass both houses of congress. aides say it would likely increase the threshold for tax increases, reversing massive pay cut from medicare doctors, and elections of millions of americans to avoid paying the alternative minimum tax. an increase in the debt ceiling is not part ofhe discussion. that is significant development r house republicans who won any increase in the borrowing limit it accompanied by an equal amount in spending cuts taking the debt ceiling of the table making it much easier for the scaled-down version to be negotiated. from here senate leaders will try to secure an agreement by sunday morning. if so, democrats and republicans will try to sell its house and senate members. if they can do that the voting begins. there is so
boehner and president obama talked about, that they address things like alternative minimum tax, and put together a deal that we either try to pass before the end of the year or get agreement to come back right after the first of the year and pass it through both houses. adam: the numbers were something like the president at one point was willing to raise his baht -- bottom line to 400,000. if that's the deal, can you guys, can the men and women in our political leadership pass something before midnight, december 31? >> well, i think so. i mean, and you're going exactly the right direction. if you take what's been put on the table, you got the senate bill, you got the house bill, and you got what president obama and speaker boehner talked about, somewhere in the middle, i think, is a deal we could pass before year end, and as you say, it would be in the $400,000 to $500,000 range, but there has to be a commitment any revenue generated goes to savings, and not more spending. that's the other part of the equation that the president has to step up on to get a deal. adam: senator, we'll have
's executive roundtable gets the real pulse of businesses. does speaking out against president obama hurt their bottom line and will higher taxes be as bad for businesses as some say? all that and everything in between from three top leaders. >>> yikes! for yelp users. one woman post as scathing review of the business. now the owner is suing her for $750,000. does he have a case? he is is here it make it. even when they say it's not it is always about money. gamine application in nevada. >>> to o melissa: exxon hates your children, not my words. those are the words of a new campaign absolutely blasting the oil company and the industry. watch this. >> here at exxon we hate your children. we all know that the climate crisis will rip their world apart. but we don't care. because it is making us rich. >> that's right. every year congress gives the fossil fuel industry over $10billion in subsidies. that is your tax dollars lining our pockets, making a fortune, devoiding your kid's future. at exxon that is what we call good business. melissa: joining me now in a fox business exclusive is the ex
. it tells which were the country is moving in this nostalgia for a 91% tax rate. i want you to know if ever there were evidence the nobel prize doesn't equal genius, i think we can start with the number 91. president obama meeting with the most respected ceos. ceos. and they convince them to take the path of prosperity? progressive claims. this is flo. i need you. i feel so alone. but you're not alone. i knew you'd come. like i could stay away. you know i can't do this without you. you'll never have to. you're always there for me. shh! i'll get you a rental car. i could also use an umbrella. fall in love with progressive's claims service. mortgage. married. two great kids. he wants to protect his family with a $500,000 term life insurance policy. what do you think it'll cost him? a hundred dollars a month? sixty? forty? actually none of the above. john can get a $500,000 policy -from a highly rated insurer - for under $25 a month. his secret? selectquote. selectquote is impartial. they'll search the pick of insurers like these to give you a choice of your best prices. selectquote has great
: thank you. a federal tax credit for wind power producers expires in 2013. the obama administration is pushing for new taxpayer support for wind projects. with our budget deficit soaring an intense debate is heating up over whether the government should be throwing your tax dollars at industry the first place. i asked robert bryce, senior fellow at the manhattan institute about this issue. let's start with the tax credit. >> sure. gerri: this is industry, let's face it they don't have a whole lot to show for themselves yet we subsidize them to the tune of $1.2 billion. why? >> remember the industry said we're all about reducing carbon dioxide. that was the whole argument. now it shifted we create jobs argument. if congress does not extend production tax credit we'll lose 37,000 jobs. they might get an extension but there is big push among utilities, a lot of groups to end the tax credit and it very well could be ended. gerri: it doesn't work that well. 84% fail to produce electricity when the demand is great. as a solution to our energy problems how would you rate it? >> it is not a
am shibani joshi. ashley: and i and ashley webster. fiscal cliff talks are stalling. tax hikes and spending cuts. president obama said to speak in about 30 minutes from now. shibani: stocks are holding their ground. waiting for some sort of news out of washington. the dow sitting at session highs. at least we are closing. ashley: it changes with every headline. the world ringing in the new year. new zealand, australia, japan, china, we will get a sneak preview of celebrations being planned as times square gets prepared for 1 million visitors. it is a complete nightmare. [ laughter ] ashley: time now for stocks now as we do every 15 minutes. we are up 51 points. not too bad on this last trading day of the year. >> that is right. the dow has been pretty flat. going back and forth between the red and green. the nasdaq is up 30. same goes for the s&p stock of about nine points. we are also watching a settlement between u.s. regulators and about a dozen banks. sources tell the "new york times" that 14 banks include tank of america, wells fargo and jpmorgan chase. we are taking a loo
a stand. every single republican, republican ran for office on the pledge to hold the line on taxes and cut spending. that is what they're are bound to do. barack obama ran also on that. he said he would restore fiscal responsibility and do something about the spending. this is a guy who was giving us trillion dollar deficits, both sides are being decided, and start talking about this. stuart: what is the media doing? >> typically cobbling barack obama. this guy is filing his nails while the republicans twist themselves into knots. the media are giving obama a complete pass on this one and not holding his feet to the fire on anything and keeping the gun fire on the republicans at all times. the media have been just about as silent as anyone else. all the media accept for stuart varney. stuart: flattery is the fondest milk in television. i have a prediction from you. i personally think there will be some kind of awful last-minute deal, tax the rich, don't cut spending, ignore the debt. i think that will happen. what is your prediction? >> i will put my kids and your prediction. repub
the fundamentals are right. all of the things the obama administration has done have been anti growth, whether energy policy, trade with china, reregulation of wall street. and now this, taxing all those jobs creators, all those small businesses. i don't know why you would want to invest in this country now. gerri: let me ask you this. the congressional budget office has out its numbers. if the fiscal cliff hits they say u.s. gdp would shrink by half a percentage point and that unemployment will rise to over 9%. do you think they have the rights or are they just too conservative? will it be worse? >> if we actually went over the cliff we would be subtracted from domestic demand over $600 billion. that is about four percentage points in gdp. most economists were forecasting in the first half of next year hardly 2 percent growth. if you subtract 4% to spending from that year and a recession that is much deeper. the cbo tense and not be alarmist because they say what they are partisan, but congress read it paycheck, and they don't want to say congress is being irresponsible and thrusting the econ
: president obama meet with congressional leaders at 3:00 eastern talking fiscal cliff. if we take the plunge over that cliff it needs higher federal income taxes for everyone who currently pays them. look at the dow industrials. in the absence of a plan ordeal on the table the dow is down 83 points. the price of gas, $3.27 is the national average according to aaa, up one cent yesterday. we have seen a halt in a long slide in gas prices. check the price of oil. this is why the price decline is over. $91 a barrel, those gas prices. pending home sales out at the top of the hour, a gain of 1.7% compared to october. coming up, a gun store owner who says household weapons are flying off the shelves. after the shooting in newtown, connecticut sales are way up. he will be on the show next. stuart: the final week of the year, usually this is a boom town for charities. people make their contributions to save on taxes and they do those contributions right now. there has been talk that a charitable deduction could be eliminated or restricted. our next guest says that would be a terrible idea. the former
unanimously. byl the tax hikes that he is requesting, the national debt by it'll instead of 25.8%, that's where you get cut down. it will amount toll $25.4 trillionthat's we will call at obama wins. a r the national media waiting forii that one. that is what will be. it will be a really dramaticis s scene. i want to show you exacy how changes. speaker boehner wants, oh, yeah? he is going to kick some tail. we are going to get to point you leally in dollars and the spending of this country.that'l let me rephrase that. total a $2.2 trillion reduction in thf total plan spending. we are looking at the republican plan. we will show you just how tough it is. the only difference is how we get there. mr. obama wants one thing and mr. boehner once another.see and weill see a knockdown drag out fight any big dramatic of negotiation. what you and i and all americans are looking at is the prospect of a recession next year if thed president and mr. boehner can't come to areement. as much as a 10% unemploymenttyn rate, because both as president and republican parties parties, as you can seema here, t
and president obama. dennis: i thought all along that the republicans would look horrible. now, i'm wondering if it is switching the other way. a family earning only $20,000 a year will see that their tax refund gets cut in half if we go off the cliff. >> i think you are right. especially since we have not had the follow-through, dennis. what is the reason for all of this? where are we heading? the president, nor the republicans have answered that question. dennis: thank you for being with us. dagen: chicago mayor is renewing a plan to privatize the cities i second biggest airport. jeff: this was the world's busiest airport from 1948 to 1961. now it is just three big airlines that call this home. southwest, frontier and delta. it is still a huge cash generator for the city. he famously had a deal to privatize the city's parking meters and the problem is, they took all the money they had and spent it already. mayor manuel is under some scrutiny. as i said, both are choosing to do so. the problem is, if you get that money up front and then you spend it, not such a hot deal. they had a $2.5 bill
republicans and the far left in mr. obama's party. the president met with senate majority leader harry reid this afternoon and talked with speaker boehner to begin anew that eort to reach compromise. >> averting this middle-class tax hike is not a democratic responsibility or republican responsibility. with their foes the american people have determined that governing is a shared responsibility between both parties in this congress laws can only pass with support from democrats and republicans, and that means nobody gets 100 percent of what they want. lou: there are only ten days remaining to the fiscal cliff. president obama headed to value within actually minutes, and members of congress have also gone home for chrrstmas vacation already. in a news conference today, speaker boehner admitted negotiations with the president have, indeed, been difficult. >> until the president on monday, these are my bottom lines. the president told me that his numbs, $1 trillion in new revenues, 850 billion in spending cuts was his bottom-line. he could not go any further. lou: and he didn't. the plan be op
Search Results 0 to 48 of about 49 (some duplicates have been removed)